Park Avenue Securities LLC Grows Stake in ABB Ltd (NYSE:ABB)

Park Avenue Securities LLC boosted its position in ABB Ltd (NYSE:ABB – Get Rating) by 4.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,386 shares of the industrial products company’s stock after purchasing an additional 653 shares during the period. Park Avenue Securities LLC’s holdings in ABB were worth $369,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ABB. Renaissance Technologies LLC increased its stake in ABB by 913.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,213,000 shares of the industrial products company’s stock valued at $32,423,000 after purchasing an additional 1,093,300 shares in the last quarter. Folketrygdfondet increased its position in ABB by 3,098.9% during the second quarter. Folketrygdfondet now owns 644,925 shares of the industrial products company’s stock worth $17,239,000 after buying an additional 624,764 shares in the last quarter. Advocate Group LLC purchased a new position in ABB during the second quarter worth $5,782,000. Goldman Sachs Group Inc. increased its position in ABB by 11.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,946,711 shares of the industrial products company’s stock worth $62,956,000 after buying an additional 203,012 shares in the last quarter. Finally, Addenda Capital Inc. purchased a new position in ABB during the third quarter worth $4,324,000. 5.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on ABB. Deutsche Bank Aktiengesellschaft dropped their price target on ABB from CHF 28 to CHF 26.50 in a research report on Wednesday, October 5th. BNP Paribas downgraded ABB from a “neutral” rating to an “underperform” rating in a research report on Wednesday, November 30th. The Goldman Sachs Group downgraded ABB from a “conviction-buy” rating to a “buy” rating in a research report on Monday, October 31st. StockNews.com raised ABB from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, January 11th. Finally, Exane BNP Paribas downgraded ABB from a “neutral” rating to an “underperform” rating in a research report on Wednesday, November 30th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $29.54.

ABB Price Performance

Shares of ABB stock opened at $33.96 on Monday. ABB Ltd has a twelve month low of $24.27 and a twelve month high of $36.89. The stock has a market capitalization of $66.72 billion, a P/E ratio of 16.73, a PEG ratio of 3.57 and a beta of 1.09. The company has a current ratio of 1.04, a quick ratio of 0.70 and a debt-to-equity ratio of 0.37. The business’s fifty day moving average price is $31.49 and its 200 day moving average price is $29.12.

ABB (NYSE:ABB – Get Rating) last issued its earnings results on Thursday, October 20th. The industrial products company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.08). ABB had a net margin of 13.65% and a return on equity of 15.21%. The firm had revenue of $7.41 billion during the quarter, compared to analyst estimates of $7.50 billion. As a group, research analysts anticipate that ABB Ltd will post 1.22 earnings per share for the current year.

About ABB

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ABB Ltd engages in manufacture and sale of electrification, automation, robotics, and motion products for customers in utilities, industry and transport, and infrastructure in Switzerland and internationally. Its Electrification segment provides electric vehicle charging infrastructure, renewable power solutions, modular substation packages, distribution automation products, switchboard and panelboards, switchgear, UPS solutions, circuit breakers, measuring and sensing devices, control products, wiring accessories, enclosures and cabling systems, and intelligent home and building solutions.